$BTC 24 Hour High $67,277
$BTC 24 Hour Low $63,548
$BTC +2.9% past 24 hours; +15.1% past 7 days
$BTC surges past 66K, reaching new high
Good morning. $BTC has reached its all-time high price, and is currently trading at 66K, on full price discovery mode.
While $BTC is encountering initial resistance from the bottom of the trading channel, prices have followed higher since March 2021. Should it continue higher, we should see a test of potential resistance areas at 68K and 75.5K.
$BTC’s price action looks very similar to what we saw between last September and October 2020. Are we witnessing a repeat now? That was a pullback throughout September, followed by an acceleration of prices higher throughout November and December.
$ETH also moved higher aggressively overnight. We see a clear path to $4,383, the ATH, if we are able to break the only real resistance level at $4,180, the daily close from May 11. But stay cautious as its funding rate is as high as 0.14% on Bybit, which is staggeringly excessive. Will $ETH be able to hit the next real target at $5,485 by the end of October as the markets anticipate? It’s a great target to achieve after all, especially given it’s where the 1.618 Fib extension crosses with the middle of the Logarithmic Trading Channel that ETH has been trading since March 2020.
During an interview on CNBC’s “Delivering Alpha”, fixed-income powerhouse PIMCO’s CIO Daniel Ivascyn revealed that they had dabbled in cryptocurrencies and were looking to gradually invest more in digital assets. He stressed on looking out for certain projects or coins that suit their trend-following/quant-oriented strategies. Currently, PIMCO takes an indirect exposure by arbitraging between the spot and trust products, while participating in the futures market.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.76T, +3.9% from yesterday
- $BTC is down 0.2% at time of writing, support / resistance – 58,427 / 67,312
- $BTC liquidations and funding: $178.96M, +0.0724% average
- $ETH is up 1.2% at time of writing, support / resistance – 3,765 / 4,381
- $ETH liquidations and funding: $94.47M, +0.0709% average
Alts and DeFi watch:
- DeFi TVL: $101.48B
- $UNI up 5.7% in the last 24 hours, up 11.7% in the past week
- $LINK up 6.8% in the last 24 hours, up 9.2% in the past week
- $CAKE up 2.8% in the last 24 hours, up 1.4% in the past week
- $STX up 4.1% in the last 24 hours, up 4.4% in the past week
More news that caught our eye:
- Hong Kong crypto exchange OSL launches operations in Latin America
- Crypto market hits $2.6T capitalisation for the first time in history
- VanEck’s BTC futures ETF will go live next week
- $2.2T asset manager PIMCO plans to buy more crypto
- Tesla reports $51M in BTC-related impairments in Q3
- “Dogecoin Killer” SHIB gets listed by Robinhood competitor
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
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